Despite all the efforts of the bears, Bitcoin still remains above the critical support level of 10 thousand dollars. At the scale of one day the price of the cryptocurrency fell by almost 5 percent. Most likely, the negative effect on the market by the recent remarks of US Treasury Secretary Stephen Mnuchin.
Almost all other coins, too, is in red, and the fall of the altcoins drag on record time. The index of dominance of Bitcoin — that is, the share of the main cryptocurrencies in total market capitalization reached a peak in the last two years. Can Alta “rise from the ashes”, or their story is coming to an end?
Bullrun, but only for Bitcoin
Over the last couple days BTC for a short period of time dropped to 9800 dollars, but the bulls quickly pushed the asset is above support line. Unfortunately, on a local scale, the cryptocurrency is still in the correction stage. Some experts believe that the formation of a new wave of growth, the Bitcoin price is expected to drop up to $ 8,000.
Trader CryptoFibonacci recommends to focus on the moving average line is 50 SMA on the scale 1-day chart. While it serves as a dynamic support for BTC. Other important areas, the expert noted on the chart.
The 0.382 Fibonacci level, 10 and 20 EMA are the main lines of resistance. It’s pretty simple. Either Bitcoin again breaks up or something else.
$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 EMA’s are major resistance. So, it’s pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019
When you start to grow altcoins?
According to the service TradingView, today the index of dominance of Bitcoin has reached 69.75 percent. This figure was almost on the same level in December 2017, when the cryptocurrency was close to its historical maximum. In July 2017 BTC took 77.5 percent of the market capitalization.
Trader and analyst Luke Martin believes that the market situation is quite normal. For many years Bitcoin was the dominant asset in the industry, occupying more than 90 per cent of total capitalization. The situation began to change gradually with the growth of Ethereum and the boom of altcoins in 2017.
The index of dominance BTC below 50-60 percent quite rare, when you consider that historically this figure has almost always been at 80 percent. Seasons will be more altcoins, but Bitcoin will occupy a significant market share for almost the entire time. Violas can bring profit in the global uptrend.
$BTC dominance less than 50-60% is rare when comparing to the historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of the crypto market is the norm — not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019
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